…Under Akufo-Addo administration; EOCO investigates
The Herald has uncovered disturbing details of how politically connected individuals and allies of the previous Akufo-Addo administration, siphoned huge sums of money from the Ghana Export-Import Bank (Exim Bank, Ghana) under the guise of promoting agriculture during the tenure of then-CEO, Lawrence Agyinsam.
The revelations suggest that, Exim Bank, a key state institution meant to support Ghana’s export-driven businesses, was treated as a cash cow by influential figures within the former government. Loans running into millions of dollars were disbursed based on questionable claims and documentation, with some EXIM Bank Ghana officials complicit.
Notably, Bernard Antwi Boasiako, alias “Chairman Wontumi”, the Ashanti Regional Chairman of the New Patriotic Party (NPP), who was granted a GHc50 million loan, last week is reported to have received a substantial loan ostensibly for farming purposes.
However, there is no known evidence of the farm’s existence. Curiously, Wontumi once appeared in a television documentary on UTV, posing as a Maize farmer.
Unconfirmed reports suggest his loan could have been as much as US$18 million. The authenticity of his documents has also been questioned.
Sources also mentioned that a prominent traditional ruler from the Ashanti Region, benefited from a similar facility under the pretext of establishing a farm. Yet, no verifiable agricultural activity has been linked to the funds he reportedly received.
In many cases, applicants are said to have submitted forged documents claiming ownership of large tracts of farmland, some spanning thousands of hectares, to justify the loan applications.
Others also claimed to have acquired farming equipment such as tractors, though these assets cannot be traced.
Even more startling are claims that some of the loans have been linked to close relatives of former President Nana Addo Dankwa Akufo-Addo and senior officials who worked at the Jubilee House.
One case reportedly involves the daughter and spouse of a high-ranking female presidential official, who received over GHS 90 million for a rice farming venture that has yet to materialise.
The Economic and Organised Crime Office (EOCO) has reportedly invited Exim Bank officials responsible for approving the questionable loans to be questioned.
Investigators are probing why due diligence was not properly carried out, or whether the EXIM bank officials willfully ignored red flags in the loan application process.
In several instances, EOCO, is said to have summoned representatives from institutions and companies purportedly named in loan applications as suppliers or service providers.
However, many entities have categorically denied any involvement or receipt of funds related to the transactions in question.
Exim Bank officials implicated in these transactions, may face charges, including abetment of crime.
The Herald’s efforts to obtain comment from Sylvester Adinam Mensah, the Acting Chief Executive Officer of Exim Bank, were unsuccessful.
He did not respond to inquiries regarding Chairman Wontumi’s dealings with the bank and other high-profile beneficiaries of the alleged financial misconduct.
More to come!
